Prepare an adjusted trial balance at December 31, 2025.TotalMARIGOLD CORP.Adjusted Trial Balance$DebitCreditDODOT CashAccounts receivableAllowance for doubtful accountsSuppliesLandBuildingsAccumulated depreciation-buildings1.2.3.4.5.During 2025, the following transactions occurred.6.7.8.9.10.11.1.2.MARIGOLD CORP.Balance SheetDecember 31, 2024$31,980Adjustment data:3.4.5.59,150(1,950)5,72052,000184,600(28,600)$302,900Accounts payableCommon stock ($10par)Retained earnings$33,280104,000165,620$302,900On January 1, Marigold issued 1,560 shares of $40 par, 7% preferred stock for $63,960.On January 1, Marigold also issued 1,170 shares of the $10 par value common stock for $27,300.Marigold performed services for $416,000 on account.On April 1, 2025, Marigold collected fees of $46,800 in advance for services to be performed from April 1, 2025, to March31, 2026.Marigold collected $358,800 from customers on account.Marigold bought $45,630 of supplies on account.Marigold paid $41,860 on accounts payable.Marigold reacquired 520 shares of its common stock on June 1 for $28 per share.Paid other operating expenses of $244,660.On December 31, 2025, Marigold declared the annual cash dividend on preferred stock and a $1.20 per share dividend onthe outstanding common stock, all payable on January 15, 2026.An account receivable of $2,210 which originated in 2024 is written off as uncollectible.A count of supplies indicates that $7,670 of supplies remain unused at year-end.Recorded revenue from item 4 above.The allowance for doubtful accounts should have a balance of $4,550 at year end.Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $13,000.The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to computethe amount.)

The adjusted trial balance contains all the information to prepare financial statements. The…

Cash Accounts receivable MARIGOLD CORP. Balance Sheet December 31, 2024 $31,980 Allowance for doubtful accounts Supplies Land Buildings Accumulated depreciation-buildings 59,150 (1,950) 5,720 52,000 184,600 (28,600) $302,900 Accounts payable Common stock ($10 par) Retained earnings $33,280 104,000 165,620 $302,900

Cash Accounts receivable MARIGOLD CORP. Balance Sheet December 31, 2024 $31,980 Allowance for doubtful accounts Supplies Land Buildings Accumulated depreciation-buildings 59,150 (1,950) 5,720 52,000 184,600 (28,600) $302,900 Accounts payable Common stock ($10 par) Retained earnings $33,280 104,000 165,620 $302,900

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Cash €18,800 Accounts Receivable 35,800 Allowance for Doubtful ACcounts €638 Inventory, December 31 84,850 Prepaid Insurance 6,860 Equipment 91,000 Accumulated Depreciation-Equipment 36,650 Notes Payable 29,280 Share Capital-Ordinary 80,329 Retained Earnings 9,970 Sales Revenue 635,513 Cost of Goods Sold 419,500 Salaries and Wages Expense 124,210 Advertising Expense 6,730 Office Expense 4,630 €792,380 €792,380
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Aa.1
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Assets Cash $ 15,050 Marketable securities Accounts receivable Inventory Property and equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Current notes payable Mortgage payable Bonds payable 8,260 13,400 11,100 165,500 (12,000) $201,310 $ 8,180 3,880 4,350 Common stock Retained earnings 21,480 113,900 49,520 $ 201,310 Total liabilities and stockholders' equity The average number of common stock shares outstanding during Year 3 was 880 shares. Net income for the year was $14,400. Required Compute each of the following: Note: Round your answer to 2 decimal places. For percentages, 0.2345 should be entered as 23.45. a. Current ratio per share b. Earnings per share c. Quick (acid-test) ratio d. Return on investment + % % e. Return on equity f. Debt to equity ratio